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Rising costs peg back UltraTech’s pre-tax profits

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World Cement,

UltraTech Cement has announced a fall in pre-tax profits in the financial year to 31 March 2018 (FY2017/18). The Aditya Birla Group company recorded pre-tax profits of INY33.1 billion, a 14.7% fall on the previous year.

The decline in pre-tax profits comes despite a jump in revenues to INR32.3 billion – a 12.8% increase on FY2016/17 – as costs rose by INR3.82 billion.

Power and fuel costs rose substantially from INR4.4 billion in FY2016/17 to INR6.3 billion, while freight and forwarding expenses were also higher at INR7.3 billion, compare to INR5.9 billion the year before.

In 4Q18, the company recorded growth of 31% in volumes.

“The quarter continued to witness increase in input costs attributable to rise in petcoke and coal prices, and the ban on petcoke usage in TPPs,” the company said.

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India cement news Cement news 2018